Recently the concept of Industry 5.0 has been introduced, reinforcing the human-centric perspective for future industry. The human-centric scientific discipline and profession ergonomics is applied in industry to find solutions that are optimized in regard to both human well-being and overall system performance. It is found, however, that most production development and preparation work carried out in industry tends to address one of these two domains at a time, in a sequential process, typically making optimization slow and complicated. The aim of this paper is to suggest, demonstrate, and evaluate a concept that makes it possible to optimize aspects of human well-being and overall system performance in an efficient and easy parallel process. The concept enables production planning and balancing of human work in terms of two parameters: assembly time as a parameter of productivity (system performance), and risk of musculoskeletal disorders as a parameter of human well-being. A software demonstrator was developed, and results from thirteen test subjects were compared with the traditional sequential way of working. The findings show that the suggested relatively unique parallel approach has a positive impact on the expected musculoskeletal risk and does not necessarily negatively affect productivity, in terms of cycle time and time balance between assembly stations. The time to perform the more complex two-parameter optimization in parallel was shorter than the time in the sequential process. The majority of the subjects stated that they preferred the parallel way of working compared to the traditional serial way of working.